The best advice I can give when it comes to teaching our kids about money is, to talk to them, be open with them. Talk about a financial goal that you have set and achieved. Have them set a financial goal & help them achieve it. When we set goals in life, we strive to achieve them, financial goals should be no different.
A big disservice we can do to our kids is to hid our own financial struggles from them. If a spouse loses a job, or the bonus check doesn’t come, medical bills come up, if the budget is a bit tight, if we tell our kids what is going on they’ll feel more a part of the family & help in the decisions. Back in the day (as my mother puts it) money was never mentioned, it was taboo. Money shouldn’t be a secret.
As parents, it is up to us to help our kids through this crazy money driven world. The bankruptcy rate is extremly high, and if we can start now when they’re young to help them save money, earn their money, and to teach them to spend it wisely, then maybe, just maybe, when our kids are older (yicks) and married buying their first home, the bankruptcy word won’t even enter their minds.
This is an ongoing process, and I’ll continue to find helpful hints to help us teach our kids about money.